Frankfurt am Main, 26.03.2019
enen endless energy GmbH (Limburg, Germany) secures a bridging facility of EUR 2.5 million for the construction of photovoltaic roof projects in Germany provided by an European private debt fund. The credit line will finance a portfolio of ten rooftop power plants with a total capacity of 2.3 MWp. The consulting firm Capcora, specialized on real assets, accompanied and led the transaction as financial advisor.
The enen endless energy GmbH ("enen"), a project development company focused on the German photovoltaic market, has issued a bearer bond of approximately EUR 2.5 million to finance investment costs and VAT for ten roof installations. The underlying projects are located in the federal states of Saxony-Anhalt, Thuringia, Mecklenburg-Vorpommern and Brandenburg-Each project has a capacity between 120 kWp and 300 kWp. All projects are scheduled to go into operation (in terms of EEG commissioning) in April and May 2019 and will benefit from a fixed feed-in tariff over 20 years of 9.06 to 9.50 EUR cents per kWh. Until completion and grid connection, the projects are to be bundled and sold to end investors who have already shown interest in taking over the assets.
The short-term financing has several advantages. On the one hand, it enables enen to start building the projects without bank financing in place, which usually takes more time. Secondly, enen retains the flexibility to select the bank for long-term project financing, which brings an advantage in the process with end investors. Last but not least there is the concrete possibility of significantly increasing the annual project volume for enen through the revolving use of the facility.
The funding was provided by a European-based private debt fund, which attracted institutional investors such as e.g. the EIB (European Investment Bank).
„We are pleased to announce the closing of this transaction, which has been efficiently implemented thanks to the professional support of Capcora. With the bridge financing we can ensure the construction of the projects and quadruple our project volume this year. I am also proud to have made it possible for our foreign partner to make a first entry into the German PV roof-mounted market - true to our company philosophy of constantly opening up further sources of financing for our German energy transition“, says Jürgen Mäurer, Managing shareholder of enen endless energy.
„The German rooftop PV market is a key pillar of Germany's energy transition and has enjoyed dynamic growth for years. Even the reduction in the amount of subsidy at the beginning of the year has not led to a noticeable slump. We are more than pleased to be part of this exciting market.", explains Alexander Enrique Kuhn, Managing Director at Capcora.
On the legal side, the transaction was accompanied by the law firm Luther Rechtsanwaltsgesellschaft mbH under the guidance of Alexander Wojtek (documentation) and Angelo Vallone (due diligence).
About enen endless energy:
Enen endless energy has been making a concrete contribution for 17 years to consciously and actively provide alternative and sustainable forms of generating electricity from renewable energy sources.
To this end, its focus is on the development, financing and construction of profitable wind farms, biogas, biomass, photovoltaic and hydroelectric power plants in selected countries of the European Union. Since 2008, enen has been active exclusively in the area of freefield and rooftop photovoltaic systems. www.enen.energy
Capcora is a consulting firm, specialized on real assets. Capcora procures equity, mezzanine and debt financing for energy and infrastructure projects, real estate, and medium sized companies. The focus is especially on mezzanine financing for the recapitalization of tied-up liquidity in operating assets as well as for bridge financing of developments and construction measures in the area of renewable energies (photovoltaics, onshore wind) and real estate through alternative financing sources. www.capcora.com